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TIDMSMT
RNS Number : 7637H
Scottish Mortgage Inv Tst PLC
16 July 2012
Scottish Mortgage Investment Trust PLC
Interim Management Statement - 3 Months to 30 June 2012
Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.
Review of [3/4] Over the 3 month period, the Company's
the Period net asset value total return was (6.6)%
and the share price total return was (5.4)%.
The FTSE All-World Index in sterling terms
(the benchmark) total return was (3.6)%.
[3/4] Performance is judged primarily on
a five year rolling period. Over the five
years to 30 June 2012 the net asset value
total return was 18.4% and the share price
total return was 23.5% compared to a total
return of 15.4% in the FTSE All-World Index
in sterling terms.
[3/4] At the Annual General Meeting held
on 28 June 2012 all Resolutions were passed.
A final dividend of 6.80p per share, which
was approved by shareholders, was paid
on 2 July 2012.
[3/4] The US$ 99 million loan facility
with The Bank of New York Mellon was renewed
for a further year.
Top Twenty 30/06/12 31/03/12
Holdings*
(as a % of % %
total assets)
Amazon.com 9.02 7.86
Baidu 7.08 8.29
Brazil CPI Linked 2045 5.42 5.07
PPR 5.14 5.72
Tencent Holdings 4.84 4.29
Atlas Copco 4.62 4.79
Intuitive Surgical 3.04 2.75
Google 2.91 2.97
Inditex 2.88 2.53
Vale (CVRD) 2.52 2.56
Salesforce 2.51 2.59
Illumina 2.47 2.98
KGHM 2.21 2.15
Banco Santander 2.14 2.23
New Oriental Education & Technology 2.11 2.18
Prudential 2.07 1.77
Apple 1.81 1.72
Whole Foods Market 1.69 1.36
Novozymes 1.67 1.73
Deere 1.63 1.50
Total 67.78 67.04
========================================================== ======== ========
* Whole Foods Market and Deere have entered the Top Twenty Holdings and ABB and Intertek Group have dropped out as a result of part sales.
Total Return %
Performance
3 Months 1 Year 3 Years 5 Years
Share Price (5.4) (11.0) 78.6 23.5
NAV (at fair) (6.6) (12.8) 67.8 18.4
Benchmark* (3.6) (4.1) 44.6 15.4
The Company aims to achieve a greater return
than the FTSE All-World Index (in sterling
terms) over a five year rolling period.
* Benchmark - FTSE All-World Index (in
sterling terms).
Past performance is not a guide to future
performance
Source: Morningstar/Thomson Reuters Datastream
General Information 30/06/12 31/03/12
==================================================== =========== ===================
Share price 663.0p 708.0p
Net asset value per share (after
deducting borrowings at fair
value) 711.1p 768.7p
Net asset value per share (after
deducting borrowings at par) 740.6p 795.6p
Discount (borrowings at fair
value) 6.8% 7.9%
Discount (borrowings at par) 10.5% 11.0%
Total assets (before deduction GBP2,240.5m GBP2,378.3m
of borrowings)
Total borrowings (at fair value) GBP436.9m GBP428.7m
Total borrowings (at par) GBP362.1m GBP360.5m
Potential gearing (borrowings
at par) 19.3% 17.9%
Actual gearing (borrowings
at par) 11.7% 11.2%
Potential gearing (borrowings
at fair value) 24.2% 22.0%
Actual gearing (borrowings
at fair value) 16.4% 15.1%
These figures have been calculated using
the AIC cum income basis (includes current
financial year retained income). Dividends
are not reinvested.
This interim management statement and up
to date NAV and Share Price information
are available at www.scottishmortgageit.com
(++)
++ Neither the contents of the Managers'
website nor the contents of any website
accessible from hyperlinks on the Managers'
website (or any other website) is incorporated
into, or forms part of, this announcement.
For further information, contact: Robert
O'Riordan 0131 275 3181 robert.oriordan@bailliegifford.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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